All businesses engaged in importing and exporting goods must have an Importer Exporter Code (IEC). You don’t need to be a registered entity to apply for one; you can apply even as an individual. The IEC is a 10-digit code with permanent validity issued by the Director General of Foreign Trade. The IEC, once issued, is valid throughout the county, in all your branches or factories. It needs to be quoted while your goods go through customs and while sending money abroad or receiving money from abroad. You don’t need to file the transactions done under this code or pay any taxes.
